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Toni O
Level 3
posted
‎July 01, 2024 02:27 AM
last updated ‎July 01, 2024 2:27 AM

Supplier refunds, credits and eBucks

Hi there

 

I've encountered a tricky problem - I hope someone can advise me.  I have looked at this article but I'm still unsure.  I haven't made use of suppliers in my QB setup yet and I am a QB beginner, so bear with me!

 

Scenario 1

I buy a piece of equipment from Takealot using my credit card.  If I return it and they apply a refund to my credit card, there's no issue - I can do a simple reversal, so this purchase doesn't show as an expense.

Scenario 2

When I return an item, my Takealot account is credited.  The next time I buy a piece of equipment, a portion of the credit might be used, so the amount debited from my credit card will not match the invoice. 

To make it even more complicated, the same purchase also uses a portion of my eBucks balance.

 

Could anyone point me to some articles or resources to help me out?

🧐

Solved
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Best answer July 01, 2024
Solved

Best Answers
Kurt_M
QuickBooks Team
QuickBooks Team
‎July 01, 2024 04:01 AM

Supplier refunds, credits and eBucks

It's a pleasure to have you here in the Community, Toni. We'll walk you through the process to help you keep track of your credit card purchases and returns inside QuickBooks Online (QBO).

 

In your first scenario, you'll want to record the supplier refunds on a credit card using the Credit card credit feature inside the program. These are the steps:

 

  1. Access your QuickBooks Online company.
  2. On the left navigational bar, click the + New button.
  3. Select Credit card credit.
  4. In the Payee field, select the appropriate supplier.
  5. From the Bank/Credit account ▼ dropdown, select the credit card where you received the refund to.
  6. Enter the Payment date, refund Amount, VAT and Category. A reminder, the category used here is the original expense account on the original bill.
  7. Select Save and close.

 

For your second scenario, we recommend working with an accountant so they can carefully guide you through the process and ensure the amount debited from your credit card will match the invoice. If you don't have an accountant, I can help you find one. Feel free to visit this page: Find a QuickBooks ProAdvisor.

 

Furthermore, here's an article to help you handle credit card payments inside QBO: Record your payments to credit cards in QuickBooks Online.

 

Our team is always ready to assist if you have any additional QuickBooks-related concerns or need help keeping track of expenses inside QuickBooks. Feel free to visit us anytime.

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3 Comments 3
Kurt_M
QuickBooks Team
QuickBooks Team
‎July 01, 2024 04:01 AM

Supplier refunds, credits and eBucks

It's a pleasure to have you here in the Community, Toni. We'll walk you through the process to help you keep track of your credit card purchases and returns inside QuickBooks Online (QBO).

 

In your first scenario, you'll want to record the supplier refunds on a credit card using the Credit card credit feature inside the program. These are the steps:

 

  1. Access your QuickBooks Online company.
  2. On the left navigational bar, click the + New button.
  3. Select Credit card credit.
  4. In the Payee field, select the appropriate supplier.
  5. From the Bank/Credit account ▼ dropdown, select the credit card where you received the refund to.
  6. Enter the Payment date, refund Amount, VAT and Category. A reminder, the category used here is the original expense account on the original bill.
  7. Select Save and close.

 

For your second scenario, we recommend working with an accountant so they can carefully guide you through the process and ensure the amount debited from your credit card will match the invoice. If you don't have an accountant, I can help you find one. Feel free to visit this page: Find a QuickBooks ProAdvisor.

 

Furthermore, here's an article to help you handle credit card payments inside QBO: Record your payments to credit cards in QuickBooks Online.

 

Our team is always ready to assist if you have any additional QuickBooks-related concerns or need help keeping track of expenses inside QuickBooks. Feel free to visit us anytime.

Reply
Toni O
Level 3
‎July 01, 2024 04:37 AM

Supplier refunds, credits and eBucks

Thanks so much for clarifying @Kurt_M 

I'm relieved to hear that the second scenario is indeed a more complex situation, and I'm not just being dumb.

I will speak to my accountant for help.

Reply
Heide DC
QuickBooks Team
QuickBooks Team
‎July 01, 2024 05:16 AM

Supplier refunds, credits and eBucks

On behalf of my colleague, it's our pleasure to hear that resolving your concerns, and you're always welcome, Toni.

 

Your positive feedback is greatly appreciated, and we're committed to provide an accurate solution for any future QuickBooks challenges you may encounter.

 

If you need further assistance with the Community, please don't hesitate to reach out and click the Reply button below or post other concerns. We're always here to help you.

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